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The What, Why, Who and How’s of Buxcoin: All that you Need to Know

So, you’re interested in investing in cryptocurrencies but don’t have the large sums of money to purchase bitcoins?

Worry not; you’ve come to the right place! Here, in this article, you can find all that you need to know about Buxcoin, the most happening cryptocurrency. Here, we present you with a simple guide, in plain English, free of jargon to help you get started.

What is Buxcoin? Is it the same as Bitcoin?

Umm, yes and no! While Buxcoin is not the same as bitcoin, it’s a similar form of cryptocurrency. Run by a dedicated team of skilled mathematicians, financial experts, and proficient programmers, it’s a decentralized, highly secure digital currency that provides instant verified transactions. With no links to the Federal Reserve System, the Buxcoin is not controlled by any authority.

Who owns Buxcoin?

What makes Buxcoin different from paper money is that there is no central authority. It’s entirely decentralized, and the network of nodes in the community has been growing exponentially.

Ok, so no one central authority owns Buxcoin. But who controls the network?

We would like to explain this with an analogy. Just like no one person owns the internet, the Buxcoin network is not owned by a single person. But, its entire community of users (spread globally) controls the network. The Buxcoin protocol cannot be modified, since its open-source and to make any modifications or alterations; the entire community has to agree on it.

How to use Buxcoin?

It’s quite simple and straightforward. It’s like any other app you have on your Smartphone. When you install the Buxcoin mobile app or web program, it provides you with access to a digital Buxcoin wallet. Using this wallet, you can send and receive Buxcoins.

What is the Technology behind it?

Buxcoin works on a decentralized network known as blockchain. Consider the blockchain to be a public ledger that contains a record of all transactions carried out on the network. The validity of each transaction is verified by nodes within the network. Each transaction is done with the help of a digital signature that corresponds to the sender.

Additionally, nodes within the network are rewarded for verifying the transactions. This process is known as mining, and the reward is in the form of Buxcoins.

How to get a Buxcoin?

You can acquire a Buxcoin using any one of the following ways:

Is it difficult to make a payment using Buxcoin?

A big NO! In fact, making a payment using Buxcoin is as easy as using any other regular digital wallet. All you need to load your Buxcoin wallet with the necessary amount of coins, then enter the address of the recipient, specify the amount to be transferred and just click send. The payment is sent in the form of Buxcoins to the other party.

To make things simpler, you can just scan the QR code of the recipient’s wallet or tap your phone with the recipient’s phone, if you have NFC.

Ok, can you tell me some advantages of Buxcoin over other digital currencies?

Buxcoin is an innovative currency that presents merchants and users with several benefits. Some of the major advantages include:

What does Buxcoin have in place to earn the trust of users?

Buxcoin is an innovative currency that presents merchants and users with several benefits. Some of the major advantages include:

Coming to the big question, can I invest in Buxcoin to make money?

Of course, Yes! Buxcoin is developing at a rapid pace and presents anyone with an entrepreneurial spirit with plenty of opportunities to make money. Whether you mine Buxcoin or engage in developing programs for the network or trade with it, Buxcoin offers you plenty of ways to earn with it.